Following a change to the discount rate used for public service pension schemes that HM Treasury announced on 30 March 2023, the factors used to calculate early and late retirement factors from the scheme have changed. These have been implemented from 30 June 2023.
A small review will be completed for any early or late retirements with a payable date on or after 30 June 2023 that would have been processed using the previous factors.
We will provide the updated factors on our website soon.